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Key Impacts

The National Association of Insurance Commissioners (NAIC) adopted the following guidance:

• SSAP Nos. 25 and 63 to address transfers of assets when modifying intercompany pooling arrangements and the nullification of INT 03-02.
• The Purposes and Procedures Manual of the NAIC Investment Analysis Office to authorize the procedures for the Securities Valuation Office’s discretion over NAIC designations assigned through the Filing Exempt process.

The NAIC exposed revisions to the following guidance:

• SSAP No. 56 to update measurement guidance and specify the process for the transfer of assets in exchange for cash between the general account and book value separate accounts.
• SSAP No. 61 to add guidance from SSAP No. 62, Exhibit A Q&A, question 10, requiring risk transfer to be evaluated in the aggregate for contracts with interrelated features and to add a reference to Appendix A-791 paragraph 6.
• SSAP Nos. 86 and 26 to establish guidance that requires separate accounting and reporting of derivatives that are included in debt security structures.
• A Q&A Implementation Guide for the principles-based bond definition.
• A new part to the reinsurance Schedule S in the Life/Fraternal and Health Annual Statement and Schedule F in the Property/Casualty and Title Annual Statements to require disclosure of assets held under a funds withheld arrangement with a separate identifier for modified coinsurance assets.
• SSAP Nos. 48, 93 and 94 to make accounting guidance consistent with journal entry examples, and an issue paper that documents discussions and decisions made about revisions to SSAP Nos. 93 and 94 related to the new market tax credits.
• A proposal to develop new statutory accounting guidance for interest-rate hedging derivatives that do not qualify as effective hedges under SSAP No. 86 but are used for asset-liability management.
• A strawman for the actuarial guideline for reinsurance asset adequacy testing.